What To Know About The Child Tax Credit Payments
On Thursday, July 15th, millions of families with children under the age of 18 were sent the first federal Advance Child Tax Credit payment. We know this comes with some questions, and we’re committed to helping you get the answers you’re looking for. Here are answers to some common questions.
What Is The Advance Child Tax Credit?
The Advance Child Tax Credit is an early payment from the IRS that many families are receiving as an advance on their Child Tax Credit, which would typically be received when filing 2021 income tax returns.
When Will The Payments Be Dispersed?
Payments began depositing into accounts via direct deposit on July 15th, 2021, and will continue to be disbursed around the 15th of every month until December 2021.
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How Much Will You Receive?
For every child under the age of 6, families will get up to $3,600 under the expansion, or $300 per month. For every child between the ages of 6-17, the amount is $3,000, or $250 per month.
The IRS will pay half (50%) of the total credit amount in advance monthly payments from July to December 2021. You will receive the other half of the tax credit after filing 2021 income tax returns.
How Do You Know If You're Eligible?
If the IRS has processed your 2020 or 2019 tax return, these monthly payments will automatically be made beginning in July and ending in December 2021, based on the information contained in that return. You can also click the button below use the IRS Eligibility Assistant tool to determine if you are eligible.
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